Generally Accepted Accounting Principles (GAAP) and International financial Reporting Standards (IFRS). These systems are used everywhere. All the accounting systems follow double-entry practices that categorize transactions as revenue or expenses, assets or liabilities. GAAP and IFRS have a few differences and it is important to know the differences. In order for our team to have a better understanding of IFRS and GAAP, we kept the following in mind. What are some steps taken by both the FASB and
Words: 1016 - Pages: 5
impairment test? (2 Marks) The following assets require an impairment test every year: • Intangible assets with indefinite useful lives • Intangible assets not yet available for use • Goodwill acquired in a business combination The impairment test is undertaken when there is indication that an asset may be impaired. This means that, at the end of each reporting period, an entity has to test for the probability that an asset has been impaired. An entity, therefore, has
Words: 1235 - Pages: 5
2004 |Total Assets | $ 31,272 | | $ 27,987 | | | |Amount |Percent |Amount |Percent | |Assets | | | | | | Current Assets
Words: 1241 - Pages: 5
| PetSmart Inc. | PetSmart; NASDAQ; PETMhttp://www.sec.gov/Archives/edgar/data/863157/000086315714000040/petm-20140202x10k.htm10K SEC Analysis | | Salvador Galvez | 3/18/2015 | | PetSmart Analysis PetSmart was incorporated in Delaware in 1986 and opened its first store in 1987, their headquarters are currently located in Arizona. The fiscal year for PetSmart end on the Sunday closest to January 31. As of 2013 they have a total of 1,333 stores in the U.S, Canada and Puerto Rico
Words: 725 - Pages: 3
and Comparison I Google & Yahoo! Financial Analysis & Comparison I. II. INTRODUCTION CASH III. ACCOUNTS RECEIVABLE IV. REVENUE V. VI. VII. VIII. IX. LIABILITIES CONTINGENT LIABILITIES FIXED ASSETS MERGERS & ACQUISITIONS CONCLUSION II Google & Yahoo! Financial Analysis & Comparison I. INTRODUCTION Google Larry Page and Sergey Brin, two Stanford graduates, are the founders of Google. It was incorporated in California
Words: 8165 - Pages: 33
CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal
Words: 10344 - Pages: 42
RICHARD ANTWI-BOASIAKO 13029817 ASSIGNMENT 1 SELECT ANY FIRM OR INDUSTRY OF YOUR CHOICE AND ANALYZE THE OWNERSHIP AND CONTROL EFFECT ON PROFIT MAXIMIZATION. UNILEVER PLC as a case study Ownership of a company may be private, collective, or common. Determining ownership involves determining who has certain rights, duties and share of dividends over the company. These rights and duties, sometimes called a 'bundle of rights', can be separated and held by different parties. The managers of
Words: 1395 - Pages: 6
the detailed written explanation on the topics you requested. The items addresses are as follows: 1. Adjusting lower cost or market inventory on valuation. 2. Capitalizing interest on building construction. 3. Recording gain or loss on asset disposal. 4. Adjusting goodwill for impairment. Adjusting lower cost or market inventory on valuation The term “inventory” applied to all the goods/materials that are acquired with the intention to resale to make profits, which includes:
Words: 1283 - Pages: 6
* * Cash Equivalents Cash equivalents are short-term, highly liquid investments that have both of the following characteristics: * a. Readily convertible to known amounts of cash * b. So near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to
Words: 763 - Pages: 4
many companies whether it is a publically traded or a privately owned company. In simple terms, goodwill is the result of one company obtaining another. In accounting, goodwill is identified as an asset that has future economic benefits, which results from the acquisition of another company’s assets (FASB ASC 350-20-20). This account is shown on the balance sheet of the acquiring company. The excess of purchase price less the book value of the company represents goodwill. The purchase price is also
Words: 1831 - Pages: 8
